By FX Empire.com
Crude oil prices gained on Tuesday, despite rising jitters from Europe, as yields on European bonds rose on concerns the debt crisis is worsening. Nonetheless, strong growth from France and Germany in the third quarter of this year, in addition to better than expected data from the United States supported crude oil prices.
U.S. Retail sales rose in October above median estimates, while the empire manufacturing index showed an unexpected expansion in November, which boosted hopes and optimism over the outlook for the world’s largest economy and pushed crude oil prices higher.
Traders will be eyeing the EIA report for crude oil inventories, where the EIA report is expected to show that crude oil stockpiles fell last week.
Traders will also continue to monitor the developments from Europe regarding the debt crisis. Moreover, traders will be eyeing industrial production data from the United States. But overall, we should expect Europe to continue to dominate sentiment in markets.
Wednesday November 16:
The inflation week continues in the United States with the Consumer Price Index for October at 13:30 GMT. The index is expected to show a flat reading after a gain of 0.3%, while on a yearly basis, the index will probably ease to 3.6% from 3.9%. Core CPI is expected is expected to remain at 0.1% in line with September and on the year to rise to 2.1% from 2.0%.
At 14:00 GMT we have September’s TIC flows after Total net TIC Flows rose to $89.6 billion in August.
At 14:15 GMT we have the Industrial Production for October which is expected to rise by 0.4% after 0.2% and Capacity Utilization to rise to 77.6% after 77.4%.
At 15:30 GMT, the EIA report for crude oil inventories will be released for the week ending November 11, where expectations show crude oil stockpiles fell last week by 1.2 million barrels, compared with the prior decrease by 1.4 million barrels.
Originally posted here
